According to the study, the higher health insurance cover with the continuous mounting prices of healthcare in the country; and with the ever growing occurrences of diseases; health insurance today is a definite requirement. The massive shift in our lifestyle has made us more prone to an array of health disorders. The average cover of an employee working in a private sector is about 2-3 lakh a year, which is minimal.
But the government scheme like Ayushman Bharat National Health Protection Scheme cover over 10 crore poor; and vulnerable families and 50 crore beneficiaries, approximately. It provides coverage up to Rs 5 lakh per family per year for secondary and tertiary care hospitalisation. The employers should take note of this and increase the health insurance cover for their employers. Inflation in the healthcare industry is estimated at 15% in India. The rates of medical procedures and healthcare have been constantly rising.
Higher health insurance
The rates of medical procedures and healthcare have been constantly rising. A well-being study conducted by healthcare major ManipalCigna Health Insurance has found that nearly 82% of Indians are suffering from stress on account of work, health and finance-related concerns. Therefore, having health insurance is a basic requirement. When an employee joins a new company, one of the first things one should notice is their health insurance plan.
At the same time, every employer or a company’s HR department should have answers to queries about what aspects do their health insurances plans cover. This helps the employee take an informed decision. Health insurance is a matter of great importance more so because of the number of lifestyle-related problems that are becoming common with each passing year. But the healthcare inflation in addition to the lifestyle disease epidemic across cities; and towns, a future proof health insurance cover for a young family living in an urban area should be a floater cover of Rs 10 lakh.
This should be supplemented with the maximum top up available which easily takes the cover to around Rs 20-25 lakh. Witnessing the major treatment expenses today, which cost an average of Rs 5-6 lakh, it is bound to be billed at around Rs 10 lakh in 8 years and Rs 20 lakh in 15 years, at a 10% inflation rate. This is when one would most likely need a medical cover.
While settling on the coverage one should ensure the cover is ample enough to deal with medical expenses. So, there should be a minimum Rs 5 -7 lakh coverage under a group health insurances plan. Every year at the time of policy renewal, the employer should think of increasing their employee’s health coverage in line with the inflation rate.